How Long And Why Does It Matter

[bnmappraisal]

I like the questions TS ... I think it can be a good debate

The concept IS appealing, so I understand the attraction as a possible time saver.

Agreed. It CAN be very appealing in the RES world because the turn times are generally much quicker/faster than in COMM, especially when dealing with AMCs.

How Long? obviously depends on the property type, etc and what is needed, but generally in RES, it's not too hard to "churn out" a report within a few days from start to finish (if not quicker)

Why does it matter? In the RES world, since fees are generally much less than in the COMM world (usually low/mid 3 digits vs 4+ digits in COMM) yes, shaving some time means making more $$$ But one also has to reconcile that decision of what's actually being "shaved"

As OI said:

its MY name going on the report, not theirs,

 

[George Hatch]

It's much easier to review something you didn't write.

Saving 15 minutes 3x a month doesn't mean much, but saving 15 minutes 30 times a month starts to add up. When your work is compatible with that process.

If Terr is doing narratives on the assortment of rural properties then speech recognition might be a quicker way to go. The rub is that in order for dictation to work you have to have all your info ready to go, right at your fingertips. you've done the development separately and are now just writing the report, not developing and writing at the same time.

 

[Tim The Enchanter]

The rub is that in order for dictation to work you have to have all your info ready to go, right at your fingertips. you've done the development separately and are now just writing the report, not developing and writing at the same time.

And that is what I do, develop and write at the same time. I tried dictating but it made as many mistakes as I do typing. So I have to proofread for mistakes, just not the same ones I would make.

 

[Randolph Kinney]

The verify the data argument doesn't hold because you tell datamaster where to pull the data from.

MLS data has data that conflicts with the county record. You won't know that until you verify the MLS data.

 

[Tom Woolford]

The verify the data argument doesn't hold because you tell datamaster where to pull the data from.

Except you can't necessarily trust your trusted source either. Around here agents are continually adding porches, pool baths with no house access etc to GLA. You have to look at the MLS pictures to determine what is GLA or not. And that new roof, well, yeah, it was new in 2004 but not so much now: its 50% depreciated. You have to check everything.

 

[Terrel L. Shields]

you've done the development separately and are now just writing the report, not developing and writing at the same time.

Speech recognition has problems with some of my language.... I still type at 40 wpm but with a well developed template, actually 3 templates, no step for a stepper. The exhibits keyboard template let's me input photo names, 2,4,6,8,12 pix. Each title page is punched in. After executing, legal from PDF is filled with snapshot feature. Ditto maps, etc. The sketch is also copy and paste. The approaches are performed with 3 land sales from tax and MLS data, NBC printout is also PDF so snapshot tool once again pastes the cost sheets for house and buildings of value. Summarized in calculating table the CA is done. My SA has 3 blank pages for grid work, inserting 3 sales done beforehand. Or, alternatively, a different format allows 5 or 6 sales and I use a ranking grid. Then I add an income approach, or section caveating the IA away.

Last is the summary. Using keyboard merge, I go step by step just like you go thru field by field. Word would call that fill in. I have a consistent process of describing property. Age size style, features, then exterior, room count and interior, kitchen appliances. Next paragraph, quality, condition, effective age, functional utility, remaining life, etc. Outbuildings much the same way.

I do have some checkbox entries too. WP won't allow you to check those off until you exit and save the merge file.

As for the comment about easier to review than input, I find the opposite true. And find I may have to go back and see the answer I would know already if I input it myself. The reason I do not do reviews is that I miss stuff. To review my work or others, I often have to go over it a second time after sitting it aside for a few hours.

 

[Joe Flacco]

MLS data has data that conflicts with the county record. You won't know that until you verify the MLS data.

I don't know what you mean by MLS data. If you mean that agent inputted data differs from county record then what you say is often true. But MLS has a tax record tab and that info pulls directly from tax records. So then you set up your datamaster to pull the info from where you want it.

Anyways even the county record tax / records data needs to be adjusted sometimes.

 

[Joe Flacco]

Except you can't necessarily trust your trusted source either. Around here agents are continually adding porches, pool baths with no house access etc to GLA. You have to look at the MLS pictures to determine what is GLA or not. And that new roof, well, yeah, it was new in 2004 but not so much now: its 50% depreciated. You have to check everything.

That is true. Basically you can trust that these items are correct.

Address
MLS number
Days on market
Contract date
Settled date
Original and final list prices
Seller concessions
Financing type
Sale type
Site size
Actual age

That's about it. Like I said saves 5-10 minutes probably. Other stuff needs to be looked into manually.

It doesn't sound like it really does much but 10 data per comp x 6 comps = minimum 60 times your eyes need to go back and forth from your form filler to the data source. If you are not copy and pasting then probably your eyes are going back a lot more than 60 times back and forth. It is annoying and a hassle to do that. I rather just have those filled out automatically.

 

[Joe Flacco]

Obviously datamaster is a tool. It is not click a few buttons a magically your appraisal is done.

 

[Joe Flacco]

Instead of wasting my time and energy moving my eyes back and forth trying to get those data inputted. I like to spend my time in the addendum. Things like providing sufficient information to enable the user to understand the rationale for comparable condition rating opinions as required by SR2-2(a)(viii). And providing rationale for the selection of comparable sales. Appraisal Report.